An investigation for investors in NYSEAMEX:DGSE shares over potential securities laws violations by DGSE Companies, Inc. was announced and AMEX:DGSE stockholders should contact the Shareholders Foundation.

An investigation on behalf of investors of Par Pharmaceutical Companies, Inc. (NYSE:PRX) in connection with the takeover was announced and NYSE:PRX stockholders should contact the Shareholders Foundation.

An investigation on behalf of investors of QUANTUM CORP (NYSE:QTM) shares over possible securities laws violations by QUANTUM CORP was announced and NYSE:QTM investors should contact the Shareholders Foundation.

An investigation for former Progress Energy, Inc. (NYSE:PGN) investors, who now hold shares of Duke Energy (NYSE: DUK), over potential breaches of fiduciary duties was announced and former NYSE:PGN investors, who now hold NYSE:DUK shares, should contact the Shareholders Foundation.

The Russian cement market follows the trend of the country's construction market, during both the review and forecast periods. The cement market recorded a significant reduction in production and demand when the global financial crisis hit the Russian economy from late 2008 onwards. Many impending construction projects were suspended, and the cement market was adversely affected. The cement industry in Russia grew at a CAGR of 6.70% during the review period. During the review period, the cement clinker category was the largest cement type and accounted for 34.5% of the total cement industry. The growth is primarily attributed to the government's spending on infrastructure and the growing residential and commercial construction market. Wet cement manufacturing is the dominant production process for cement in Russia. Most plants in Russia are dated and in need of modernization, and the wet process also involves substantial energy input. Most new companies setting up plants in Russia are therefore opting for dry process plants. The Russian cement market comprises more than 50 cement manufacturers. The largest companies in the industry include JSC Eurocement Group, Sibirsky Cement, Lafarge, Alpha-Cement (a subsidiary of Holcim), Novorosstcement and the Park Group.

Although growth in Iran's mobile market slowed in 2011, it was not as slow as expected and we estimate the market expanded by around 13% y-o-y, raising penetration to over 100%. MTN Irancell, the country's second largest operator, had a strong Q411 with more than 1.3mn net additions, and updated info on its market share led us to revise our estimates for rival MCI, owned by incumbent operator TCI. We estimate MCI's subscriber base grew by 10.6% y-o-y in 2011, lower than 16.6% growth posted by Irancell but enough to keep its dominant market position. As a result, we have amended our forecasts. We continue to expect the market will exhibit slowing y-o-y growth rates, and now predict penetration will be just under 130% by 2016.

BMI View: Oil and gas exports form one of the key pillars of the Indonesian economy although the outlook for the sector is becoming increasingly uncertain given dwindling oil reserves in the country's maturing fields. The government has recently put in place measures to incentivise oil companies to conduct deep-sea exploration in a bid to increase total reserves. Greater domestic consumption leading to higher imports and lesser exports will be a key trend in the years to come.

BMI View: Despite reporting strong profits in the first three quarters of 2011 and being marginally exposed to Europe, our outlook on Hong Kong's banking sector is less than optimistic. We expect banks' loan growth strategy and their exposure to non bank entities in China to weigh on profitability. Despite ongoing uncertainty in the global financial markets, Hong Kong banks have remained relatively resilient, with retail banks' aggregate pre-tax operating profit rising by 22.2% year-on-year through Q111 to Q311. Hong Kong banks are likely to be able to withstand the sovereign crisis in Europe, given that they have little exposure the region. According to a note released by Hong Kong's government, banks' total risk exposure to the countries known as PIIGS (Portugal, Italy, Ireland, Greece and Spain) comprise of less than 1% of total assets, while Hong Kong insurers' exposure amounts to 5% of total investments. Moody's has categorised Hong Kong's banking system as being 'exposed' to the euro crisis. We believe the primary exposure stems from the adverse effects to liquidity risks that many regional economies face from capital outflows as Europe lenders start trimming their balance sheets in Asia. In their capacities as global offshore financial centres, the effects are likely to be more pronounced in the banking systems of Singapore and Hong Kong. That said, we find that Hong Kong's banking system remains well-capitalised, and given the massive improvements in its loan-to-deposit (LTD) ratio from 1997, banks are unlikely to face a liquidity crisis. Profitability To Dip While we see Hong Kong's banking system to be relatively well-buffered against weakness in Europe, we expect profits to take a hit amid macro stress both domestically and in China. We see the challenges to profit confronting Hong Kong banks on two fronts: 1. Challenge To Loan Growth Strategy: Since Hong Kong's economy started to recover from the 2008/09 crisis, banks have had to rely upon sustained loan growth and asset price inflation from the property market boom to compensate for declining interest margins. However, given the state of affairs in the real estate market, this growth strategy is increasingly becoming untenable. Mortgage loan growth collapsed in the latter half of 2011, as economic weakness and the government's cooling measures started to set in. Moreover, net interest margins continues to remain at depressed levels and this is likely to continue over the next few years. We expect to see this channel of weakness persist through much of 2012, before the real estate market starts to trough nearer 2013. During this period, we expect to see non-performing loans, which are presently at historical lows, start to tick up. Moving forward, we also see rising funding costs as an impediment to banks' earnings. We previously highlighted that the surge in yuan deposits was causing an erosion of HKD liquidity, compelling a rise in funding costs,

In this quarter's update, we have updated the Bangladesh telecoms report with latest figures from the Bangladesh Telecommunications Regulatory Commission (BTRC) as well as Bangladeshi telecoms operators. Despite the new data, there were no major changes to our forecast scenarios as the various subscriber growth trajectories are within our expectations.

The operating environment for New Zealand's non-life insurance segment continues to evolve in the wake of the enormous natural disasters of 2011. A year ago, in the aftermath of the main Christchurch earthquake of February 22, 2011, a key challenge for the non-life insurers was access to reinsurance and processing claims. As of April 2012, the newsflow indicates that the processing of claims by the insurers, and the Earthquake Commission (EQC) has been going well. Meanwhile, it appears that the non-life insurers are - at worst - securing reinsurance cover on a year-to-year basis. Three months ago, we observed that the main problem appeared to be 'a lack of confidence on the part of households and businesses which will likely hamper the growth of premiums over the next year or so'.

BMI View: While 2011/12 and 2012/13 are expected to be promising years for the Indian agriculture sector, given better prospects for crops, we are less optimistic about the policy landscape for the industry. We view India's Food Security Bill as little more than a politically expedient proposal which does not benefit farmers as much as it does politicians. In our view, the bill not only skirts the underlying problems of corruption, ill-equipped distribution systems and poor agricultural productivity, it also will be detrimental to the country's already-precarious fiscal position. We highlight that if the bill is enacted in 2012, domestic procurement of food grains could be kept high, and export momentum could be prevented into 2013.

The Brazilian economy continues to enjoy growth in spite of global economic headwinds. However, the downside risks are growing and many analysts are becoming increasingly bearish towards the emerging market giant. BMI remains above consensus with our Brazilian forecasts for economic fundamentals, and we believe that infrastructure will also perform well although the sector will not be efficiently exploited to its full potential. The outlook for real estate is similar: our full year 2011 data revealed year-on-year (yo- y) growth across all of the commercial sectors and cities surveyed; however, H211 failed to capitalise upon the momentum, particularly in rental rates, of H111.

The fairly new category of proton pump inhibitors increased in value by 4% in 2011 following the introduction of new brands including Omed Antacid by Sandoz Pharma AG, Omep Akut by Hexal AG and Antra by Bayer Vital GmbH. These brands joined existing brand Pantozol Control by Nycomed Pharma AG.

A large number of Swiss people continue to suffer from sleep disorders, while rising stress levels due to work and finance-related worries and increasingly busy lifestyles are also making it difficult for increasing numbers of Swiss people to get a good night's sleep. However, many Swiss people remain cautious not to use sleeping and calming medication as the long-term usage of many of the products categorised under calming and sleeping may result in addiction or dependency. Many Swiss people...

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